cost estimator

A cost estimator is a professional who calculates costs and prepares price proposals, particularly in the construction industry. This is a key role for companies that participate in tender procedures and respond to public tenders.

What does a cost estimator do?

A cost estimator's primary task is to calculate all costs associated with a project. This includes, for example:

• Material costs
• Labour hours
• Equipment and machinery
• Subcontractors
• Risk factors and unforeseen expenses

The cost estimator works closely with project managers and suppliers to ensure that all aspects of the project are included in the calculation. They must also have a strong understanding of requirements specifications and tender documentation when working on tenders.

Practical example

Let us say a construction firm is considering participating in a tender procedure to build a new school:

• The cost estimator reviews the tender documentation
• Calculates material costs based on drawings and specifications
• Assesses the need for subcontractors
• Calculates time requirements for various trades
• Adds margins for risk and profit
• Prepares the final price proposal

Tools like Cobrief can help cost estimators keep track of requirements and specifications in the tender process, so they can focus on accurate calculations and competitive pricing.

A skilled cost estimator can be crucial to a company's success -- they must find the balance between competitive pricing and healthy margins, while ensuring that all requirements and specifications can be met within the calculated price.